Laissez faire capitalism 42 Life in the 1860s No indoor electric lights No

Laissez faire capitalism 42 life in the 1860s no

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Laissez-faire capitalism 42. Life in the 1860s No indoor electric lights No refrigeration No indoor plumbing Kerosene or wood to heat Wood stoves on which to cook Horse and buggy In 1860, most mail from the east coast took ten days to reach the Midwest and three weeks to get to the west coast. A letter from Europe to a person on the frontier could take several months to reach its destination. 42. Life in the 1900s-Life becomes easier U.S. government issued 500,000 patents electricity Refrigerated railroad cars Sewer systems and sanitation Increased productivity made lives easier and more comfortable. Power stations, electricity for lamps, fans, printing presses, appliances, typewriters, etc. New York to San Francisco to 10 days using railroad. 1.5 million telephones in use all over the country Western Union Telegraph was sending thousands of daily throughout the country.
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The Gilded Age Notes 7 43. Inventors and Inventions Thomas Edison * Light Bulb * Electric Power Stations Alexander Graham Bell * Improved communication with his invention of the telephone * 1.5 million phones in use by the early 1900s 44. Monopolies (or trusts) o A monopoly (or trust) controls an entire industry o Advantages for consumers: Monopolies can produce goods more cheaply o Disadvantages: No competition. Once its competitors are out of business, monopolies often raise prices o Created great wealth for a few Americans o A few very rich, some middle class, and many poor o Workers and consumers had little power or rights because there is NO competition 45. Vertical and Horizontal Integration (types of monopolies) o Vertical Integration- Trust in which one company controls all phases of an industry from the raw material to the finished product * Specific example: Andrew Carnegie owned mines which housed iron ore, steel mills which transformed ore into usable products, and the railroads and ships used to transport finished goods o Horizontal Integration- Monopoly in which the owner controls ONE ASPECT of a certain industry * Specific example : John Rockefeller owned ALL of the oil refineries by buying out his competitors (he DID NOT own all the oils wells, means of transportation, or fueling stations) 46. Andrew Carnegie (U.S. Steel) o Scottish-born industrialist who moved to the U.S. at age 13 (in 1848) o Led the huge expansion of the American steel industry during the mid-late 1800s o Founder of the U.S. Steel Corporation o Uses Bessemer Steel Process a new way of producing steel cheaper and faster 47. John D. Rockefeller (Standard Oil) o Began a fledgling oil refinery in 1863 as the oil business was in its infancy o Bought out partners in 1865 and was on his way to become the wealthiest U.S. citizen o Founder of Standard Oil ...one of the largest earlier suppliers of oil Driving Out Competitors with “The Rebate.” o Though John Rockefeller did not have his own transportation, he still had an advantage o Rockefeller shipped so much oil, he negotiated rebates (or discounts) with railroads o
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